BELGATE MULTIFAMILY LAND
360 ENTITLED UNITS
279 DEVELOPED UNITS
Belgate is an IKEA anchored mixed-use development project located in the University Area in Charlotte, NC. Having disposed of many non-core multifamily development sites throughout the Southeastern United States for DDR, they selected us to dispose of this nearly 30 acre multifamily in the heart of the project.
We performed a detailed market analysis underwriting current rents, occupancy, development pipeline, land sales, comparable apartment invest sales in order to obtain correct pricing and identify the best possible developers for this unique opportunity.
The site did pose some unique challenges as that it was bifurcated down the middle with the main roadway for Belgate. It also had extremely uneven terrain and only the IKEA had been developed with the rest of the project still in the permitting stages.
Due to these specific challenges we were able to cast a much wider net of potentially developers and ended up closing on the site with a strong Atlanta based group. We had familiarity with this developer for projects they were currently under construction with in the Midwest and throughout Florida and they were able to close on time under the terms of the contract.